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Board previews $105.6 million general fund budget and bond parameters ahead of vote
Summary
Administrators previewed the proposed 2024–25 general fund budget, showing roughly $105.6 million in revenues and expenditures, a 4.92% year-over-year increase, and a recommended average tax increase of about 4.4%; the parameters resolution to authorize new debt was discussed and will be voted next week.
At the work session the district—s finance presentation previewed the proposed 2024–25 general fund budget and discussed a parameters resolution to authorize new debt.
Finance staff said the budgeted revenues and expenditures are each about $105,600,000, representing a 4.92% increase in expenditures year over year and an operating deficit of roughly $43,000; the administration said the plan retains an unassigned fund balance at or above five percent per board policy. The recommended tax proposal represents a weighted average increase of about 4.4%, which the presentation noted is below an Act 1 index figure cited as 5.3%.
On debt, the parameters resolution presented will be on the regular-meeting agenda. Finance staff explained the paperwork lists a $16,000,000 structure to provide flexibility for timing and rates while the actual intention is to issue $14,000,000; bond counsel and financial presenters will attend next week and the district expects its AA1 rating to carry over following a ratings call and final report.
Next steps: the budget will be presented in detail at a May 6 budget hearing and the parameters resolution will be considered for approval at the regular meeting next week.
